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DG NITDA: Nigeria Spends $2bn on ICT Annually

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technology - Investors King

The Director General/Chief Executive Officer of the National Information Technology Development Agency (NITDA), Dr. Isa Pantami, has disclosed that the federal government spends $2 billion on ICT annually, stating the agency had saved the federal government N6b through its IT Project Clearance.

This came as the Liberian Assistant Minister of Planning in the Ministry of Education, Mr. Dominic Kwenme has described the Nigerian Communications Satellite Ltd (NigComSat) as a great asset and pride to the African continent.

Stating this in Abuja, during the stakeholders’ workshop on “Engagement and sensitisation workshop on IT Project clearance Portal and draft guidelines”, the DG of NITDA said that the agency was engaging stakeholders to make sure that the sector is properly regulated for Nigeria to fully benefit from the potentials that ICT offers.

According to him, “NITDA has emphasised the need for the sector to be properly regulated in order for the country to effectively benefit from the full potentials offered by ICT. It may interest us that about $2billion is being expended on IT projects on annual basis in Nigeria.

‘’Accordingly, the apparent disparity between increasing budgetary allocation and expenditures on IT projects and services and the insignificant increase in automation of public services call for concern. The need for proper co-ordination can therefore not be over-emphasised. A major step at properly addressing this is the IT Projects Clearance initiative in MDAs.”

Pantami further added that their initial findings showed that many IT projects were riddled with the challenges such as IT projects was becoming a conduit pipe for siphoning huge public resources, poor conceptualisation and planning of many projects, which he stressed were done without clear sustainability plans.

“Our goal at NITDA is to use the IT Projects Clearance process to correct the ills identified above and to further entrench IT product manufacturing and services in Nigeria’’ NITDA boss further stated.

‘’I am delighted to report to this gathering that our collaboration with relevant government organisations on this initiative is already yielding positive fruits.

‘’For instance, the Office for the Auditor General of the Federation now issues audit queries to MDAs who refuse to get NITDA clearance before embarking on their IT projects while The Economic and Financial Crime Commission (EFCC) is also partnering with us to investigate government agencies that might be breaching the NITDA guidelines and policies.’’

In another development, the Liberian Assistant Minister of Planning in the Ministry of Education, Mr. Dominic Kwenme, has described the Nigerian Communications Satellite Ltd (NigComSat) as a great asset and pride to the African continent.

He was quoted as stating this in Monrovia, Liberia when a delegation of NigComSat led by Mr. Samson Osagie, Executive Director Marketing and Business Development, who were there to present to the Liberian government services that NigComSat offers.

A press release made available but signed by Head, Public Affairs Department, NIGCOMSAT Ltd, Mr. Adamu Idris was said to have been described by the Minister as a great asset to the African continent.

“I am proud to be part of this historic meeting which is meant to drive Africa, especially the underserved countries to quickly meet up with the developed world and Nigeria is doing us proud”, the Liberian Minister was quoted as saying.

On his the country’s Minister of Education, Professor Ansu Sonii had explained to the NigComSat delegation that the government of George Mennah Weah is pro-poor and is concerned about the warfare of the people of Liberia.

Ansu said with NigComSat the country need not look elsewhere to facilitate an enduring reach that will shape its destiny and the destiny of the children.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

Crude Oil

Oil Prices Rebound on OPEC+ Output Delay Talks and U.S. Inventory Drop

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Crude oil - Investors King

Oil prices made a modest recovery on Thursday on the expectations that OPEC+ may delay planned production increases and the drop in U.S. crude inventories.

Brent crude oil, against which Nigerian oil is priced, rose by 66 cents, or 0.9% to $73.36 per barrel while U.S. West Texas Intermediate (WTI) crude appreciated by 64 cents or 0.9% to $69.84 per barrel.

The rebound in oil prices was a result of the American Petroleum Institute (API) report that revealed that the U.S. crude oil inventories had fallen by a surprising 7.431 million barrels last week, against analysts 1 million barrel decline projection.

The decline signals better than projected demand for the commodity in the United States of America and offers some relief for traders on global demand.

John Evans, an analyst at PVM Oil Associates, attributed the rebound in crude oil prices to the API report.

He said, “There is a pause of breath and light reprieve for oil prices.”

Also, discussions within the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, are fueling speculation about a potential delay in planned output increases.

The group was initially expected to increase production by 180,000 a day in October 2024.

However, concerns over softening demand in China and potential developments in Libya’s oil production have prompted the group to reconsider its strategy.

Despite the recent rebound, analysts caution that lingering uncertainties around global oil demand may continue to weigh on prices in the near term.

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Energy

Power Generation Surges to 5,313 MW, But Distribution Issues Persist

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power project

Nigeria’s power generation continues to get better under the leadership of President Bola Ahmed Tinubu.

According to the latest statement released by Bolaji Tunji, the media aide to the Minister of Power, Adebayo Adelabu, power generation surged to a three-year high of 5,313 megawatts (MW).

“The national grid on Monday hit a record high of 5,313MW, a record high in the last three years,” the statement disclosed.

Reacting to this, the Minister of Power, Adebayo Adelabu, called on power distribution companies to take more energy to prevent grid collapse as the grid’s frequency drops when power is produced and not picked by the Discos.

He added that efforts would be made to encourage industries to purchase bulk energy.

However, a top official of one of the Discos was quoted as saying that the power companies were finding it difficult to pick the extra energy produced by generation companies because they were not happy with the tariff on other bands apart from Band A.

“As it is now, we are operating at a loss. Yes, they supply more power but this problem could be solved with improved tariff for the other bands and more meter penetration to recover the cost,” the Disco official, who pleaded not to be named due to lack of authorisation to speak on the matter, said.

On Saturday, the ministry said power generation that peaked at 5,170MW was ramped down by 1,400MW due to Discos’ energy rejection.

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Crude Oil

Again NNPC Raises Petrol Price to N897/litre

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Petrol - Investors King

The Nigerian National Petroleum Company (NNPC) Limited has once again increased the price of Premium Motor Spirit (PMS) from N855 per litre on Tuesday to N897 on Wednesday.

The increase was after Aliko Dangote, the Chairman of Dangote Refinery, announced the commencement of petrol production at its refinery.

The continuous increase in pump prices has raised concerns among Nigerians despite the initial excitement from the refinery announcement.

According to the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the 650,000 barrels per day refinery will supply 25 million litres of petrol to the Nigerian market daily this September.

This, NMDPRA said will increase to 30 million litres per day in October.

However, the promise of increased fuel supply has not yet eased the situation on the ground.

Tunde Ayeni, a commercial bus driver at an NNPC station in Ikoyi, said “I have been in the queue since 6 a.m. waiting for them to start selling, but we just realised that the pump price has been changed to N897. This is terrible, and yet they still haven’t started selling the product.”

The price hike comes as NNPC continues to struggle with sustaining regular fuel supply.

On Sunday, the company warned that its ability to maintain steady distribution across the country was under threat due to financial strain.

NNPC cited rising supply costs as the cause of its difficulties in keeping up with demand.

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